Yucheng Technologies Limited (Nasdaq: YTEC), a leading provider of IT solutions and services to China's banking industry, today announced it will provide an integrated core banking system to Hunan Rural Credit Union (HNRCU), a leading provincial credit union, to meet its increasingly complex regulatory and competitive needs.
The new integrated core banking system is designed to improve operating efficiency and risk management, and covers HNRCU's headquarters and 4,500 outlets. The software package also includes a variety of related systems, such as a payment system, a non-tax revenue system, and a data-share system among nationwide credit unions. The new system is compliant with the Ministry of Finance's new accounting rules, which impact credit unions in 2009.
Mr. Weidong Hong, CEO of Yucheng stated, "As a long-time customer, HNRCU knows first hand our proven solutions and service record. This contract win simply reinforce our position as the preferred solutions provider for small and medium sized banks in China.
"Looking forward, we believe that fierce competition and increasing regulatory pressure will motivate banks to rethink and revamp their IT architecture. Yucheng's solutions will enable financial institutions to respond proactively to market fluctuations, enhance customer service levels, mitigate risk and cut costs," Mr. Hong continued.